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Bangladesh receives $1.72bn remittance in 25 days

  • Staff Correspondent
  • 30 August, 2022 12:00 AM
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Bangladesh has fetched $1.72 billion or Tk 163.40 billion inward remittances in 25 days of this month, according to a latest data of Bangladesh Bank.

Given the whole month of July, inward remittances through the banking channel totaled $2.10 billion. If the current trend continues, the final receipt in the first month of FY23 is expected to stand at $2.14 billion.

Despite hike in cash incentive and increase in US dollar price, remittances fell by 15 percent year-on-year to $21.03 billion in the just-concluded 2021-22 fiscal year.

The central bank data suggest that remittance inflow through private banks marked a sharp rise this fiscal compared to that of state banks as private banks are buying dollar at higher prices abroad. 

Five state-owned banked channeled in $315 million foreign remittances whereas private banks managed to bring in nearly $1.39 billion from the expatriates in the 25 days of August.

Largest private bank — Islami Bank received $356.3 million remittance, Agrani Bank $110 million, City Bank $109.4 million, Pubali Bank $95.4 million, Duth-Bangla Bank $95.3 million and Rupali Bank $93.5 million in the period.

The sector experts say remittance sending through informal channel rises when dollar rate remains high in the kerb market. Now, banks are offering Tk 96 to Tk 98 for per US dollar, excluding 2.5 percent cash incentive. 

In contrast, the dollar price is Tk 110 to Tk 111 in the open market, which means that sending remittance through hundi is much more lucrative.